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Yup - one of a number of lumber defects, at least in some people's eyes. Others listed here-
http://www.decks.com/how-to/188/lumber-defects-101
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"Wane" is a common term describing what we commonly call a "live edge." Webster has this as one of several definitions for the term "WANE":
2 [Middle English, defect, from Old English wana; akin to Old English wan deficient] : a defect in lumber characterized by bark or a lack of wood at a corner or edge
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Worst thing they can do is cook ya and eat ya
GW
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Wane is the common term in the sawmill sector, and means when the board "runs out" on one edge / corner. Usually because of the taper in the tree. The board grading rules list how much wane is allowed for certain grades, and a smart sawyer can sometimes actually increase the value of the board, by trimming a couple of ft off the end, or ripping the strip with the wane off. The bd/ft measure is then less, but the value of the board is more because it now makes it into a higher grade.
Live Edge would be when you intend to saw a board like that. That's not a defect then, it's a feature, and the grading rules don't apply any more.
But the two terms are likely to have different meanings in different places, like a lot of sawmill terms and slang. Here and in the US the weather boards on the cabin would be called Live Edge, but I can see how they could be referred to as Waney as well
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Whoever this wane character is, he surely cuts some crooked edges.
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That's cause he was stoned all the time.
Worst thing they can do is cook ya and eat ya
GW